Renters Insurance Is SO Important. Here’s Why You Need To Be Sure That You’re Covered As a Tenant, And Why You Can’t Afford NOT To Have It

Nobody likes to pay for any sort of home insurance! Or any insurance, for that matter. Most of the time, you can go through most of your life without having ever filed a claim. This is one of the reasons people hate to pay insurance. They never use a dime of what they pay. However, you’ll regret not having it until the inevitable one day when that one moment you need it comes. So, what exactly is renters insurance?

Well, renters insurance is something you purchase when you lease a home. It covers a tenant’s possessions, up to whatever amount that you choose. The more money you appraise your things at, the higher your monthly premium. It provides you with liability coverage, too, in case anyone gets hurt in the house or apartment. Even though you don’t own the house, you can still be responsible for any accidents that happen in it. Renter’s insurance usually covers the following things below:

•All personal property, such as furniture, electronic devices, clothing, and jewelry
•Damage to a house in case of a fire, water damage, burglary, or a major fire
•Personal liability, in case someone gets injured in the house, damages the house, or tries to sue you (you’d be surprised)
•It actually might even cover living expenses if the tenant is put out of the house due to major damage. This would include meals, hotels, and/or car rentals!

If renters is so great, why don’t many people have it? Well, there are many reasons that some people do not purchase renters insurance. Here are some of the reasons that the people who say this give, and why they are wrong.

“My landlord covers everything”

This is absolutely not true. Honestly, if you read your lease carefully, you’ll probably find that your landlord has written the contract to where he is liable for practically nothing. Landlord insurance only covers structural damage to the building. Your landlord has insurance on the house; and regarding his things. It is insane to think that your landlord’s insurance would cover your personal property. Or that he should be sued if you have a friend over that decides to jump off the roof into the pool.

“I have an emergency fund, and a savings account if something happens”

You’d be very shocked to see how much money things add up to. You may have an emergency fund, but is it really worth losing your whole fund in the event of a tragedy, when you could have gotten insurance for next to nothing?

“I’m willing to risk it”

Horrible things can happen. You may think you’re willing to risk it. But maybe you forgot about the new flat screen you just bought, or your grandmothers jewelry. Can you afford to replace those things?

“I don’t own valuable things”

You’re seriously underestimating what things cost. Let’s just examine your bedroom. You have (presumably) two nightstands, a bed, a mattress, a headboard, a mirror, a television, a rug and a dresser. Even if they are inexpensive. Those items are at least $2,000 total. That’s just your bedroom basics.

“I can’t afford it”

Renters insurance is incredibly cheap. The range is from $5-35. You’ll spend that on lunch tomorrow. You do the math! It’s honestly a no-brainer to get renters insurance. Here is why you need to have renters insurance:

•It’s crazy affordable
•It covers all of your property
•You’ll have liability coverage
•You’ll have expenses covered if you have to temporarily live elsewhere
•You’ll be protected against lawsuits

Deductibles vary, but the average Renters insurance deductible is $500 to $1000. For example, if you have a $500 deductible, you are responsible for $500 of the covered personal property loss. Higher deductibles lower your premium, but increase the amount of a covered loss you must bear.